Breaking through with the advantage of "technology + application scenario." MINIEYE (2431.HK) announced on May 29 its acquisition of a 50% equity stake in Xi'an Tongtu Technology Co., Ltd., a wholly-owned subsidiary of the leading integrated logistics provider ZTO Express Inc. (ZTO). The total consideration is RMB 25 million. Upon completion, Tongtu Technology will become a non-wholly-owned subsidiary of MINIEYE.
This acquisition represents a deep integration of express logistics and autonomous driving, signaling that MINIEYE will leverage ZTO Express's logistics ecosystem and scenario advantages to significantly accelerate the large-scale operation and commercial deployment of its L4 autonomous vehicles. This move solidifies MINIEYE's core competitive edge in the smart logistics sector.
According to the announcement, MINIEYE's board believes the acquisition presents a strategic opportunity to accelerate the commercialization of its L4 autonomous driving technology through ZTO's mature logistics ecosystem. The two parties will progressively advance the large-scale deployment of autonomous vehicle operations and jointly build an industry ecosystem based on the maturity of underlying technology and current market demand, aiming for mutual benefit.
This finalized action signifies that MINIEYE has formally established a deep strategic partnership with the domestic logistics leader through a capital link, effectively connecting the entire development chain from technology implementation and scenario operation to scaled deployment. With the dual advantages of technology and application scenarios, MINIEYE has secured a core position in the trillion-yuan autonomous logistics market, entering a phase of full-speed commercial deployment for its L4 technology.
The core logic of this acquisition lies in the complementary strengths across the industry chain. ZTO Express, as a leading enterprise in China's integrated logistics field, possesses an extensive nationwide logistics network, a mature operational system, and full-link application scenarios ranging from logistics parks and distribution centers to last-mile outlets. This provides a natural testing ground for the routine operation of autonomous vehicles. Meanwhile, MINIEYE has over a decade of deep expertise in the intelligent driving sector, with substantial experience in full-stack independent R&D and mass production. Its recent groundbreaking product, the XiaoZhu T5 Pro autonomous vehicle, completely breaks the industry's reliance on high-definition maps and precisely addresses the logistics industry's pain points of significant order fluctuations and complex routes. It meets the industry's stringent demands for timeliness and cost, truly enabling "use immediately upon purchase, drive anywhere."
This synergistic "technology + scenario" cooperation is evidently highly beneficial for MINIEYE. On one hand, it successfully secures access to top-tier domestic logistics scenario resources, thoroughly solidifying its strategic position in the core smart logistics track, which will significantly enhance its market competitiveness and industry influence. On the other hand, leveraging ZTO's mature logistics operational system can accelerate the large-scale deployment of its autonomous vehicle business, opening up new growth avenues.
It is worth noting the transaction's payment structure: of the total RMB 25 million consideration, RMB 20 million will be settled by issuing consideration shares to ZTO. This not only safeguards MINIEYE's operational expansion resilience but also elevates the partnership to a deep capital-level binding—ZTO Express will become a strategic shareholder of MINIEYE, with its interests deeply tied to the post-acquisition company's performance and market valuation. Concurrently, the strategic investment by industrial capital further optimizes MINIEYE's shareholder structure, paving the way for attracting more long-term, allocation-oriented funding, which is beneficial for the company's long-term development.
Currently, China's express delivery industry has firmly entered the "era of 100 billion parcels." According to data from the State Post Bureau, as of 2024, China's express delivery business volume has ranked first globally for 11 consecutive years. However, behind this rapid growth, pain points such as rising labor costs and surging last-mile delivery pressure are becoming increasingly prominent, making the traditional manual delivery model unsustainable. In this context, autonomous vehicles, with their advantages of cost reduction, efficiency improvement, 24/7 operation, and flexible deployment, have become a key solution for logistics companies to cut costs and enhance efficiency, as well as a breakthrough point for the intelligent upgrade of the logistics industry. The window for the large-scale deployment of autonomous vehicles has arrived.
Amidst intense competition, MINIEYE has made a critical move through this acquisition. This action will not only strengthen its leading position in the smart logistics field but also, through the integration of scenarios, data, and operations, accelerate the commercial monetization of its L4 autonomous driving technology, cultivating a new growth curve for the company.
Currently, the XiaoZhu autonomous logistics vehicle has been deployed in 18 cities including Guangzhou, Changsha, and Chongqing, with an operational scale exceeding 7,000 units, covering diverse scenarios such as express delivery, cold chain, and auto parts. It has also successfully completed its overseas layout, with imminent deployments in the Middle East, Australia, Southeast Asia, and other regions, demonstrating its technological maturity and commercial feasibility to the global market.
Looking ahead, it is anticipated that MINIEYE, with the formidable "XiaoZhu power," will drive comprehensive upgrades in logistics industry delivery efficiency and customer experience, contributing to China's intelligent industry's advancement towards a new stage of high-quality development.
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